Mar

9

At the margins

March 9, 2022 |

nothing personal but my debacle with puts on S&P was aided and abetted by the frequent increases in margins by the members with opposite positions. just one more day would have saved me. this is the reason that I havent sold puts for 15 years not the black swans.

it sounds exculpatory but as I approach 100 years old, people like to touch me for good luck, and the market markers in S&P puts had all the forces with them. Now you can touch me without sharing my shame. Yes, it's an alibi. but I took my medicine like a man. and those who still respect me should know this.

JPMorgan Bails Out Chinese Nickel Giant Facing Billions In Losses From Record Margin Call

According to the WSJ, Tsingshan’s founder, Xiang Guangda, told a Chinese media outlet that "there have been some moves by foreigners," and that it is in active negotiations with relevant parties, without specifying who they were and what was being negotiated.

Xiang was also quoted saying that "relevant government departments and leaders are all very supportive of Tsingshan. Tsingshan is a solid Chinese enterprise and our positions and operations do not have problems," according to the report in Yicai, a financial-news outlet.

Needless to say, the fact that the LME is now owned by Hong Kong Exchanges and Clearing, whose biggest shareholder is the Hong Kong government which for the past two years has been a puppet of China, did not hurt Xiang, whose empire would have been bankrupted had the LME forced him to make payment on his margin call. None other than outgoing LME chief executive Matt Chamberlain admitted as much.

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